Global macro overview for 04/01/2017:
The most important event of the day will be FOMC Meeting Minutes release at 07:00pm GMT. As we all remember, at their December meeting the Federal Open Market Committee hiked rates from 0.50% to 0.75%. The Meeting Minutes will be watched to get the first clues of any discussion of potential policy changes under the new administration, as well as the rationale behind the hawkish shift in the dot plot and the lack of a shift in economic forecasts. In conclusion, high volatility is expected in all US Dollar pairs during and after the Meeting Minutes release.
Let's now take a look at US Dollar index technical picture in the daily time frame. Another marginal higher high was made at the level of 103.83 yesterday, but then the market got back to the trading range between the levels of 102.86 - 10383 and now is awaiting the news release. The bullish trend sequence of higher highs and higher lows is still intact, and as long as the level of 99.43 is clearly violated, the outlook is still bullish.
